“open outcry” on a stock exchange trading floor.
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Before computers, the way that stocks were bought or sold was by physically going to the stock exchange and finding someone who wanted to trade with you.
“Open outcry” is basically a public auction. I say “I’m selling 100 shares of ABC corp for $50 a share, who wants them?” You yell “I’ll give you $48 a share,” someone else yells “I’ll give you $49 a share,” I sell to the guy who offers $49.
The reason it was done was that some exchanges required all bidding and selling to be done out in the open, in real time, so that everyone involved had the best chance to buy and sell and had the most information… which theoretically leads to the best price.
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